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think for the foreign exchange market, it's more a question of policy action. and now, because we're in this limbo, that leaves sterling a little bit of limbo. >> meanwhile, the treasury there is targeting sales of 4 to 5 billion sales in six-month and is 1-month t bills. yes, same with italian yields, as well, michael. are we now at the low point in the cycle for spanish and italian yields? who is going to drive them lower from here and why would you? >> i think the market has seen a lot of liquidity expansion. first from the fed and then lastly from the bank of japan. and combined with the renewed commitment from the ecb to protect the euro, this has depressed yields to these kind of levels. i think it's difficult to see us going dramatically further. and if anything, strategically, we think that the three major problems in europe, the recession, inconsistent crisis management and rising political and social backlash against austerity are likely to come through and that leaves spain and italy very vulnerable to a sharp increase in yields. we're looking, for example, for 10-year
incentive to buy many of the things is rising sharply, including foreign bonds. and i think certainly the strength of some of the so-called core markets in europe, like france, for example, the past few weeks, probably greatly are due to the shift in japan's policies and maybe it's also starting to shift a bit into the periphery. against the background of the ecb from what i can see preparing the grounds for possible further move of monetary expansion themselves. >> right. yeah. >> so the peripheral narrowing makes a lot of sense. german yields are at such low levels, i wouldn't want to be rushing to put some of the o'neill trust in there. i think the spread timing going on with it makes a bit of sense. >> it's just interesting, as you say, tu look at what japan is doing and the attention shifting now to not just what they hope to achieve, but whether they'll actually be able to accomplish it. after averaging 0.6% deflation for the last couple of decades, are they going to hit 2%? is there, you know, a reason why people here, after the rallies that we've seen, should be a little bit m
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